Get Rich Slowly has been going downhill. I had been excited when they rehired Robert Brokamp, but the vast bulk of his posts since starting have been pretty terrible.
The most recent that I read was discussing what to do when you absolutely must buy a house you cannot afford for which you haven’t saved a downpayment because you’ve gotten married and your wife is about to have a baby.
I will let you digest that.
Assumption: You must buy a house when you are about to have a child. Because… I’m not really sure why. Perhaps Muffy and Chaz would shun you if you’re still living your penthouse.
Ok, so then he goes on to give his advice.
“#1 Get help from family. My dad pitched in $10,000 as an advance on my inheritance.”
Because… your dad has an extra 10K. That he can just give you. And isn’t going to need for say, unplanned end of life care.
Right there, that first line indicates that Brokamp is coming from wealth. If he screws up, his parents can, and WILL, bail him out. He can afford to do risky things like buy a house with no real money down. Most people can’t! And of those who can, many of them would not want to put their parents’ money on the line like that. DH and I make a lot of decisions because we don’t want to have to ask family to bail us out, even though they probably could. And we have far more security than people whose families couldn’t!
“#4 Use your IRAs.” Because tapping into your retirement savings to buy a house is a good idea for anybody who doesn’t have a large income flow that can make up the difference later. (It isn’t.)
“#6. Get help from your boss. If you are a valued employee, you might be able to ask for a raise or an advance on your bonus or paycheck…Feel free to play the ‘we’re having a baby!’ card if you work for a family-friendly company.” As one of the commenters pointed out, this only works when you are a WHITE GUY. @$@$# @%@#$@#$ @$@#$@# $%^$^$.
Another example of how the rules are different for one segment of society (upper middle class white men with wealthy parents) than for the rest of us. @$@# you, GRS.
What are other examples of one set of rules for the privileged and another for everyone else?